DenizBank’s Ratings Affirmed with a Stable Outlook

DenizBan’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of DenizBank A.Ṣ. (DZB) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed DZB’s Bank Standalone Rating (BSR) of ‘b’ and Core Financial Strength ( CFS ) rating of ‘bb-’. The Outlook for the LT FCR and BSR remains Stable .

DZB’s BSR is derived from a CFS rating of ‘bb-’, reflecting the Bank’s moderate intrinsic financial, operational and busine ss strength, and an OPERA of ‘b ’ (indicating significant risk). The BSR reflects increased pressure on the Bank arising from the weaker operating environment.

While the likelihood of extraordinary support from the Bank’s parent, Emirates NBD (‘A+’/‘A1’/Stable ), is high DZB does not fulfil our criteria…